(610 ILCS 5/12)(from Ch. 114, par. 12)Sec. 12. There shall be a president of such corporation, who shall be
chosen by and from the board of directors, and such other subordinate
officers as such corporation, by its by-laws, may designate, who may be
elected or appointed, and shall perform such duties and be required to give
such security for the faithful performance thereof as such corporation, by
its by-laws, shall require, provided that it shall require a majority of
the directors to elect or appoint any officer.(Source: Laws 1871, p. 625.)